BidaskClub Downgrades Plexus (PLXS) to Sell

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Plexus (NASDAQ:PLXS) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, September 21st.

A number of other analysts have also recently weighed in on PLXS. ValuEngine upgraded Plexus from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Needham & Company LLC reiterated a “buy” rating and set a $70.00 price target on shares of Plexus in a research report on Friday, July 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Plexus currently has a consensus rating of “Hold” and a consensus target price of $69.25.

PLXS traded up $0.98 on Friday, reaching $53.72. The company’s stock had a trading volume of 228,091 shares, compared to its average volume of 165,213. The company has a market capitalization of $1.89 billion, a P/E ratio of 16.58 and a beta of 0.67. Plexus has a 1 year low of $52.44 and a 1 year high of $66.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.05 and a current ratio of 2.11.

Plexus (NASDAQ:PLXS) last released its earnings results on Wednesday, July 18th. The technology company reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.03). Plexus had a positive return on equity of 11.37% and a negative net margin of 1.11%. The firm had revenue of $726.39 million for the quarter, compared to the consensus estimate of $721.08 million. During the same period in the prior year, the business earned $0.74 EPS. The company’s quarterly revenue was up 17.4% on a year-over-year basis. As a group, equities research analysts forecast that Plexus will post 3.15 earnings per share for the current fiscal year.

In other news, VP Ronnie Darroch sold 2,300 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $60.40, for a total transaction of $138,920.00. Following the completion of the sale, the vice president now directly owns 9,918 shares of the company’s stock, valued at approximately $599,047.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Dean A. Foate sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $63.07, for a total value of $630,700.00. Following the sale, the chairman now directly owns 282,640 shares of the company’s stock, valued at $17,826,104.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,830 shares of company stock worth $7,596,700. 3.70% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Foundry Partners LLC boosted its holdings in Plexus by 14.0% during the second quarter. Foundry Partners LLC now owns 6,725 shares of the technology company’s stock valued at $400,000 after purchasing an additional 825 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Plexus by 2.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 43,519 shares of the technology company’s stock worth $2,600,000 after acquiring an additional 945 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of Plexus by 2.4% in the 1st quarter. Prudential Financial Inc. now owns 57,012 shares of the technology company’s stock worth $3,405,000 after acquiring an additional 1,350 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Plexus by 3.0% in the 1st quarter. Swiss National Bank now owns 58,500 shares of the technology company’s stock worth $3,494,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Plexus by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 84,714 shares of the technology company’s stock worth $5,043,000 after acquiring an additional 2,194 shares in the last quarter. 97.29% of the stock is owned by institutional investors and hedge funds.

About Plexus

Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers product conceptualization solutions; and product design and value-engineering solutions, including program management, feasibility studies, specification development for product features and functionality, circuit design, field programmable gate array design, printed circuit board layout, embedded software design, mechanical design, test specifications development and product verification testing, and automated production solutions and complex automation design.

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